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NEWS &
ANNOUNCEMENTS

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Section 179 Tax Deduction - Increased to $500K
Aprende Más

Section 179 Tax Deduction - Increased to $500K

Thinking about purchasing equipment in 2017?
Congress has made your decision a little bit easier.

"Protecting Americans from Tax Hikes Act of 2015" (PATH Act) was signed into law on 12/18/2015, and is an extension of the Section 179 depreciation deduction rule. This bill raised the limit to $500,000 for 2017. Section 179 of the tax code provides tax benefits for equipment purchases made before the end of the year versus writing off the depreciation over several years.

Section 179 allows you to fully deduct the cost of assets – such as mold machines, core making equipment, automation systems, and other manufacturing equipment in the year of purchase. Section 179 is designed to make purchasing equipment financially attractive.

One quick way to help your foundry this year is to consider EMI’s reconditioned inventory of mold and core machines – many which carry warranties backed by EMI. Any one of these machines can be installed and operational before the end of the year, meeting Section 179 eligibility requirements!

Section 179 – Capital Equipment

Overview

  • Section 179 is a depreciation rule that is designed to encourage capital investment.
  • Total business assets purchased must be $2 million or less.
  • Can expense up to $500,000 of total purchases made.
  • Assets must be put in service in the year the tax election is being made (ie, use the rule 2017 means the equipment must be in service in 2017).
  • Life of the assets can be no greater than 20 years.
  • Section 179 deduction can only be used if the business has taxable income for the year, other rules apply and In all cases please be sure to consult with your tax professional.

Eligible Property

  • Machinery & Equipment
  • Furniture & Fixtures
  • Off-the-shelf computer software
  • Most storage facilities
Property used outside of the United States is not eligible.

Election
The Section 179 deduction is not automatic. Taxpayers must elect to take the deduction by filling out Form 4562. The form must be attached to your original tax return filed for the tax year the assets were placed in service.

Advantages

  • Allows for immediate expensing of all assets instead of depreciating them over a period of several years. This, in turn, will lower taxable income.
  • Lowers Adjusted Gross Income (AGI) which could help one qualify for various deductions that are limited by AGI.
  • Lowers earned income which can increase the earned income credit.
  • Is allowed in full even if assets are placed in service the last day of the year.

Example:
  Assume the equipment purchased is $ 200,000
  Assume the corporate tax rate is 35% (example only)
  The cash savings on your purchase is: $ 70,000

Allows an after tax equipment cost of $ 130,000 (or approximately 35% savings)

Learn more from this on-line resource: www.section179.org And consult your financial professional.